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N100b Sukuk Fund Released For 28 Road Projects - Politics - Nairaland

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N100b Sukuk Fund Released For 28 Road Projects by yns4real: 6:34am On Jan 11


The Federal Government has released N100 billion Sovereign Sukuk bonds proceeds will be used to construct 642.69km roads across the nation, Minister of Power, Works & Housing Babatunde Fashola, said at the presentation of the cheque by Finance Minister Mrs. Zainab Ahmed, in Abuja yesterday.

According to Fashola, the money has been shared equally among the six geo-political zones, with each region having N16.67 billion for the number of roads to be completed in its jurisdiction.

Six roads will be constructed in the Northcentral, five in the Northeast, four in the Northwest, four in the Southeast, six in the Southsouth and three in the Southwest.

Some of the road projects are: Dualisation of Abuja – Abaji – Lokoja Road: Section I (International Airport Link Road Junction-Sheda Village Junction) in FCT Contract No.5862.

Fashola explained: “Specifically, it will be wearing course, reconstruction of existing carriageway, stone pitching, kerbs, drainage and outstanding variations (NGN464, 806,419.09) to be handled by Dantata & Sawoe Construction Company Nigeria Limited (Northcentral).

“For the Northeast, the dualisation of Kano-Maiduguri Road, linking Kano-Jigawa-Bauchi-Yobe and Borno states Section III (Azare-Potiskum), in Bauchi State, Contract No.5880 will be handled by Mothercat Limited.

“The project will cover wearing course, pipe culverst, trapezoidal and rectangular drains, new jersey barrier, bridge works, 4-way cable duct, road furniture and protection works.

“For the Southeast, it will be the rehabilitation and reconstruction of Enugu-Port Harcourt Dual Carriageway Section II: Umuahia Tower-Aba Township Rail/Road Bridge Crossing (CH. 120+500-CH. 176+600) in Abia State Contract No.6209 to be handled by Arab Contractor Nigeria Limited. The job entails laterite fill, laterite sub-base, sand/cement base, crushed rock base, wearing course, asphaltic binder course, asphaltic wearing cource and concrete median.

“In the Southsouth, the dualisation of Yenegoa Road Junction – Kolo – Otuoke – Bayelsa Palm (20km) in Bayelsa State with contract No.6248, will be handled by CCECC Nigeria Limited for the Excavation of unsuitable materials, construction of pipe culverts, stone pitching, median kerbs, sand-cement base, stone base course, binder course and wearing course.

“In the Southwest, there is the dualisation of Ibadan – Ilorin Rd (Route No. 2) Section II: Oyo-Ogbomoso Road, in Oyo State with contract No.1793A with Reynolds Construction Company (Nig) Limited as the contractor for site clearance, earthworks, filter/underground drain layer, concrete side drain, sub base, stone base, binder course, 1000mm diameter piles, concrete foundation and pile cap, concrete piers, concrete abutment, concrete beams of superstructure and installation of bearings on piers.”

The minister said that the impact of the Sukuk bond would be on nation building through job creation, growth and employment.

The Federal Government contractors will be the first beneficiaries of the funds, which would in turn, trickle down to suppliers of building materials, artisans, miners and steel companies.

The proceeds will be disbursed on the construction and rehabilitation of 28 key economic roads captured in last year’s budget.

Speaking at the presentation, Mrs. Ahmed noted: “The funds will be released to the Federal Ministry of Power, Works & Housing based on the framework agreed with the Trustees in order to ensure transparency and accountability in the use of proceeds.”

She identified the Sukuk funding option as part of the initiatives of the government to “diversify government funding sources while also deepening the Nigerian capital market, mobilising more savings and promoting financial inclusion.”

The roads to be funded with the Sovereign Sukuk Fund, the Finance minister said, “will ease commuting, spur economic activities across the country and further close our infrastructural gap”.

Corroborating the Finance minister, Fashola said: “Roads are coming; these are assets that would enable business, that would enable transportation, movement of goods and services and assets that will last 25, 30 to 40 years. This is a good investment to make. So, for those who ask why are we borrowing? We are borrowing to build at today’s prices, assets that will last us for another 30 years.”

http://thenationonlineng.net/n100b-sukuk-fund-released-28-road-projects/

24 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by MANNABBQGRILLS: 6:41am On Jan 11
GOD BLESS OUR PRESIDENT MUHAMMADU BUHARI for all the numerous and good projects he is doing in our country.
Unarguably, This is simply the best president in the history of Nigeria.

We pray for Good health, wisdom, knowledge and understanding for him as he takes us to the land flowing with milk and honey, AKA the NEXT LEVEL .
Sai Baba we love.
Sai Baba we know.
Sai Baba we want
.


Wailers, children of hate and perdition, you can keep wailing for as long as you live.
Oan,

104 Likes 12 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by Ayoswit(f): 6:41am On Jan 11
It's a good development but don't worry cos Atiku would continue with the project where you stopped and even do much more. OBIdiently ATIKUlated 2019

13 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by money121(m): 6:42am On Jan 11
Ok
Re: N100b Sukuk Fund Released For 28 Road Projects by GeorgeTheCoder: 6:45am On Jan 11
Little by little the islamisation agenda is working out while our pastors are more interested in collecting tithes.

13 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by lonelydora: 6:45am On Jan 11
Even though i don't support Buhari, but the truth is...majority of the federal roads in Nigeria at the moment are not so bad. Work has been going on in all federal roads across the country.

71 Likes 5 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by Lumidee007(m): 6:45am On Jan 11
Why just 3 in southwest? undecided

3 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by Shikini: 6:45am On Jan 11
.
OK, each zone gets #16b of the Sukukk loan.
But, how many kilometres of roads can #16b actually construct in a zone of six states?

Verdict: No impact will be felt at the end

It's still ....
Loans, loans
loans, loans
loans, loans, everywhere

.

5 Likes 3 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by DjAduba(m): 6:45am On Jan 11
Sai Baba

6 Likes 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by nwanyionitsha: 6:45am On Jan 11
Rubbish! They just put sukuk sign everywhere but no road is being built anywhere . I took a round trip this January (East, South and West) mostly by road, no road is being built anywhere.

2 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by Shawnnn01: 6:46am On Jan 11
Where are the Biafrans groom by the PDP to make more noise ?

15 Likes 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by helinues: 6:46am On Jan 11
28 road projects. That's impressive

Sukuk, a favour pls, kindly add just one project making 29 ( even though not a road projects) . Picture attached. Thanks

19 Likes 3 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by Samabu07(m): 6:46am On Jan 11
Okay Ooooo. BTW, what's sukuk?

1 Like 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by MANNABBQGRILLS: 6:46am On Jan 11
Shawnnn01:
Where are the Biafrans groom by the PDP to make more noise ?
Lol cheesy wink.
One of them is right above you bro! wink

22 Likes 4 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by fero07(m): 6:47am On Jan 11
EpsBlogger:
Make #50,000 to #70,000 weekly without referring by just doing simple online mail processing.
Proofs available..
Ask me how

how
Re: N100b Sukuk Fund Released For 28 Road Projects by Makawhizzy: 6:47am On Jan 11
It’s only in Nigeria we use ten years to build a road and can only enjoy it for a year

4 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by lonelydora: 6:48am On Jan 11
nwanyionitsha:
Rubbish! They just put sukuk sign everywhere but no road is being built anywhere . I took a round trip this January (East, South and West) mostly by road, no road is being built anywhere.

Those contractors have families and enjoy Christmas too. Work will still get to where you saw bad portions

14 Likes 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by Sholaco: 6:50am On Jan 11
GeorgeTheCoder:
Little by little the islamisation agenda is working out while our pastors are more interested in collecting tithes.

may God blind u this morning

7 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by paranorman(m): 6:51am On Jan 11
Only electrons drive the politicians sanely... grin cheesy grin cheesy
Re: N100b Sukuk Fund Released For 28 Road Projects by Maket: 6:51am On Jan 11
Another roads development.
I don't have problem with a government borrowing for developmental projects.

For these who don't travel, if you see any of these six roads done with the last Sukuk fund, you will be tempted to sleep on it.

Bottom line: shut up and stop hating for no reason
.

41 Likes 3 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by OLAFIMIX(f): 6:51am On Jan 11
Good day house, pls can any one help with a self contain or mini-flat at Jakande Estate / iyana isheri at Isolo axis to rent. I don't have money for agent palava. Thanks

2 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by agbangam: 6:53am On Jan 11
If only PDP govt. had been this focus and sincere for 16yrs our roads would have been the best in Africa.
I even saw Otuoke road in Bayelsa. Jona ooooo. undecided

21 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by Ventura1: 6:53am On Jan 11
Another gbese

5 Likes 2 Shares

Re: N100b Sukuk Fund Released For 28 Road Projects by foxton: 6:53am On Jan 11
election gimmick, even jonathan did more during the build up to 2015, yet he was sacked
Re: N100b Sukuk Fund Released For 28 Road Projects by somehow: 6:58am On Jan 11
Commendable

2 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by gabolz(m): 6:58am On Jan 11
#100B not 1 single indigenous construction company.....very very bad!
Re: N100b Sukuk Fund Released For 28 Road Projects by yns4real: 6:59am On Jan 11
Lumidee007:
Why just 3 in southwest? undecided

It depends on contract sum

According to Fashola, the money has been shared equally among the six geo-political zones, with each region having N16.67 billion for the number of roads to be completed in its jurisdiction.

4 Likes 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by CoolAmbience(m): 7:00am On Jan 11
Ayoswit:
It's a good development but don't worry cos Atiku would continue with the project where you stopped and even do much more. OBIdiently ATIKUlated 2019



Atiku can't win. Start getting used to that!

14 Likes

Re: N100b Sukuk Fund Released For 28 Road Projects by yns4real: 7:02am On Jan 11
nwanyionitsha:
Rubbish! They just put sukuk sign everywhere but no road is being built anywhere . I took a round trip this January (East, South and West) mostly by road, no road is being built anywhere.

President Buhari will be in charge till 2023.

Take your cue from the person below

quote author=Maket post=74649393]Another roads development.
I don't have problem with a government borrowing for developmental projects.

For these who don't travel, if you see any of these six roads done with the last Sukuk fund, you will be tempted to sleep on it.

Bottom line: shut up and stop hating for no reason
.

10 Likes 1 Share

Re: N100b Sukuk Fund Released For 28 Road Projects by Afamed: 7:02am On Jan 11
Ayoswit:
It's a good development but don't worry cos Atiku would continue with the project where you stopped and even do much more. OBIdiently ATIKUlated 2019
Atiku will rather loot the money. Sai Baba we know

9 Likes 1 Share

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